ENERGY OUTLOOK

“Further Gains Ahead”

“The earnings from rising oil and natural gas prices and a further expansion in cash flow multiples should drive the TSX energy sector to 5,400 by the end of next year. Including a nearly 2 1/2% dividend yield, total returns from the energy sector should come in just under 50% this year followed by a 25% return in 2007.”

(Jeff Rubin, Chief Strategist, CIBC World Markets, May 1, 2006)

Crude Oil vs. TSX Energy Sector

75

70

65

60

2005 Jul 2005 Aug 2005 Sep 2005 Oct 2005 Nov 2005 Dec 2006 Jan 2006 Feb 2006 Mar 2006 Apr 2006 May 2006 Jun

3400

3200

3000

2800

2600

Crude Oil vs. TSX Energy Sector

04 11 18 01 08 15 22 01 08 15 22 01 08 1501 08 15 2201 08 15 22 01 08 15 22 01 08 15 22 01 08 15 2203 10 17 24 03 10 17 24 03 10 17 03

TSX Energy Sector

Crude Oil

Oil Price Drivers

• Dwindling Supply Growth and Accelerated Demand Growth

• China

• Geopolitical Risks

© BP 2005

Oil consumption by area

U.S. Crude Oil Field Production

Source: EIA

Oil Risk Premium

Global Crude Oil Reserves

Top 10 World Crude Oil Producers in 2005

Canadian Oil Production

Total Oil Sands Project Production

Source: CAPP

Selling period

July 13 – August 31

CI Oil Sands and Energy EARNS (Enhanced Accelerated Return Note Securities)

Non-principal protected notes with an accelerated positive return feature

Series 1 (NBC073)

TM

Investment Highlights

• Exposure to a Portfolio of Companies Involved in Oil Sands, Energy and Alternative Energy

• Proven Management

Portfolio Advisory Services by CI Signature Advisors, Eric Bushell & Scott Vali

• Accelerated Participation of 150% of any Positive Return at Maturity, 100% Participation of any Negative Performance

• 8-Year Note Not Principal Protected

Indicative Reference Portfolio

Top Ten Holdings

1. Petro-Canada 6. Exxon Mobil Corp.

2. Penn West Energy Trust 7. Husky Energy Inc.

3. TransCanada Corp. 8. Shell Canada Ltd.

4. Mullen Group Income Fund 9. Imperial Oil Ltd.

5. ConocoPhillips Inc. 10. Suncor Energy Inc.

Reference portfolio expected to consist of 32 constituents, consisting of issuers participating in the Canadian Oil Sands Sector (53.5%), Global Energy Industry (38.75%) and Alternative Energy Technologies (7.75%)

Investment Adviser – Proven Track RecordCI Global Energy Corporate Class

50000

40000

30000

20000

10000

01999

20062005

20042003

20022001

2000

Current value of a $10,000 investment is $39,490

1. CI Global Energy Corporate Class was created on June 11, 1998. The value as at May 31, 2006 of a $10,000 investment in CI Global Energy Corporate Class made on June 11, 1998 was $39,490

Note: There can be no assurance that the Note performance will equal or exceed the performance of CI Global Energy Corporate Class.

Compound Annual Returns as at May 31, 2006

YTD 1 mth 6 mth 1 yr 2 yr 3 yr 5 yr Life

Fund (%) 2.5 -5.1 9.4 41.7 46.9 41.2 18.6 19.7

Calendar Year 1999 2000 2001 2002 2003 2004 2005

Fund (%) 31.4 38.9 0.3 -4.4 23.8 39.1 61.6

Accelerator ExamplesReference

Portfolio Level

Year 1

Year 2

Year 3

Year 4

Year 5

Year 6

Year 7

Maturity

500 44.36 44.83 44.74 45.09 45.17 45.66 46.48 47.50 600 54.09 54.70 54.56 54.94 54.82 55.13 55.81 57.00 700 64.13 64.89 64.77 65.22 64.94 65.06 65.41 66.50 800 74.10 75.33 75.11 75.68 75.36 75.38 75.43 76.00 900 84.25 85.22 85.46 86.22 85.99 85.94 86.05 85.50

1,000 95.07 95.12 95.20 95.31 96.26 97.25 96.65 95.00 1,100 104.28 105. 76 107.14 108.39 109.45 110.20 110.41 109.25 1,200 115.22 116.97 118.63 120.16 121.51 122.58 123.21 123.50 1,300 126.31 128.34 130.28 132.12 133.80 135.25 136.39 137.75 1,400 137.50 139.83 142.08 144.25 146.28 148.15 149.84 152.00 1,500 148.78 151.42 153.99 156.50 158.91 161.21 163.45 166.25 1,600 160.14 163.09 166.00 168.86 171.65 174.39 177.17 180.50 1,700 171.57 174.84 178.08 181.30 184.49 187.66 190.96 194.75 1,800 183.06 186.65 190.23 193.82 197.39 201.01 204.79 209.00 1,900 194.59 198.51 202.4 3 206.38 210.35 214.40 218.63 223.25 2,000 206.16 210.41 214.68 219.00 223.36 227.82 232.49 237.50

Example 1, for a Reference Portfolio Level of 1,400 (representing a 40% return if the Initial Portfolio Level is 1,000) after three years, the Note could theoretically be worth $142.08. This is a 49.56% return on the Initial NAV of $95.00. In comparison, if the investors would have invested $95.00 in the Reference Portfolio, their investment would be worth $133.00. The amount of $142.08 represents an “accelerated” return of 123.9%.

The chart above serves to illustrate the potential theoretical fluctuation of the price of the Notes relative to the Reference Portfolio Level and the time remaining to maturity. This illustration is based on the assumption that all other factors remain constant, including interest rates and volatility. As a result, the following is not and should not be construed as a forecast or projection of how the Notes may trade in any secondary market that may develop. Actual prices will differ, and such difference may be substantial, when taking into account all relevant factors, including the level of interest rates and volatility. The first column represents different levels of the Reference Portfolio while the first row represents a time line from the first year up to the Maturity Date.

Summary of TermsIssuer National Bank of Canada

Issue Date September 8, 2006

Maturity Date September 8, 2014 (Term to Maturity: 8 years)

Issue Size Subscription Price: $100 per Deposit NoteMinimum Purchase: $5,000 (50 Deposit Notes)

Structural Features

Provide an accelerated participation rate of 150% of any positive return of the Reference Portfolio at maturity, while keeping at 100% the participation rate of any negative return (or absence of return) of the Reference Portfolio at maturity.

Fees & Expenses Management Fee 0.50% (plus taxes)

Accelerator Cost 2.40% (includes Trailer of 0.25% on principal amount)

Admin Fee: 0.25%

RRSP Eligibility 100% eligible for RRSPs, RRIFs, RESPs, DPSPs and LIRAs.

Secondary Market National Bank will maintain a secondary market for Deposit Notes (subject to availability).

Selling Period July 13, 2006 – August 31, 2006

FundSERV Code: NBC073

Key Dates:• Selling Period: July 13, 2006 to August 31, 2006• Issue Date: September 8, 2006• Term to Maturity:Eight (8) years

• Selling Concession: 2.8%• Trailing Commission: 0.25% per annum• FundSERV Code: NBC073

Advisor Compensation:

THANK YOU

For more information please visit our website:

http://www.ci.com/depositnotes

The information contained herein is confidential and for advisor use only. It is not to be reproduced or distributed to the public or the press.

This presentation is not an offer or a solicitation of an offer or a recommendation to buy or sell any securities or financial instrument, nor shall it be deemed to provide investment, tax or accounting advice. The information contained herein is intended as a summary only and is qualified entirely by, and should be read in conjunction with, the more detailed information appearing in the Prospectus and related Pricing Supplement.

The indicated rates of return are the historical annual compounded total returns including changes in share value and reinvestment of all distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any security holder that would have reduced returns. Mutual Funds are not guaranteed, their values change frequently and past performance may not be repeated.

“CI”, “CI Investments”, and the CI Investments design are registered trademarks of CI Investments Inc. and have been licensed for use by National Bank and its affiliates.